Banks
New HUD Rule Allows Reverse Mortgages For Home Purchase
Annapolis, MD — (SBWIRE) — 12/15/2008 — Reverse mortgages have been available for more than two decades for senior homeowners that have significant amount of equity in their homes and want to tap it. With recent HECM guideline changes, the HUD is backing a program to help older homeowners purchase a home with the increasingly [...]
Wells Fargo braces for reverse mortgage growth
As the new limits on reverse mortgages settle amongst lenders, Wells Fargo is expecting to see a bump in applications, despite the current state of the economy. In an interview with McClatchy columnist VICKI LEE PARKER, we find a Wells Fargo Reverse Mortgage specialist giving his insights into the industry.
Brien J. Brandenburg, a reverse mortgage [...]
Wells Fargo Reverse Mortgage
Back to basics. Wells Fargo recently updated their reverse mortgage section with the latest definition of what is a reverse mortgage. While they do not list rates on their site, having the basic understanding goes a long way for a senior or loved one looking for basic information.
What makes it a “reverse” mortgage?
A reverse mortgage [...]
First American, First to Score Reverse Mortgages
Scoring and regulation in the reverse mortgage industry is still in it’s infancy. In other words the oh so complicated metrics that traditional mortgages carry have yet to crossover to the reverse mortgage market. First American recently put out a release touting to have the 1st Reverse Mortgage Scoring system.
The new loan-level score examines a [...]
Local Focus: Michigan Reverse Mortgage Stats
Michigan has seen some increased HECM activity during the 1st three quarters of this year. Even with many counties having poor equitiy positions due to heavy foreclosures and job losses, many seniors are applying and getting approved for reverse mortgages, according to HUD.
Michigan Reverse Mortgage Lenders. So, who are Michigan’s top reverse mortgage lenders? The [...]